Tag: austerity measures

UK economy back in recession

UK economy back in recession

Provisional figures from the Office for National Statistics (ONS) show that the UK economy has contracted for two consecutive quarters, which means it has fallen back into recession. The economy shrank by 0.3% in the fourth quarter of 2011 and the latest figures show a contraction of 0.2% in the first three months of 2012 […]

April 25, 2012 More
Manufacturing sector shows modest recovery

Manufacturing sector shows modest recovery

Official figures from the Office for National Statistics show a 0.2 per cent in UK manufacturing output in September, the first increase in four months. Compared with a year ago, factory output in September grew 2 per cent. However the figure excludes oil and gas, and mining, and when these sectors are taken into account, […]

November 8, 2011 More
Italy to vote on austerity measures to reduce debt

Italy to vote on austerity measures to reduce debt

In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of a��48 billion (A?42 billion) over the next three years. The countrya��s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the […]

July 14, 2011 More
Greece will receive fifth tranche of bailout loan

Greece will receive fifth tranche of bailout loan

Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of a��12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending […]

July 3, 2011 More
Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greecea��s parliament has today approved the fresh round of austerity measures a�� designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister […]

June 29, 2011 More
Greece hit by further 48-hour general strike

Greece hit by further 48-hour general strike

Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general […]

June 28, 2011 More
EU leaders agree to give Greece another a��120bn

EU leaders agree to give Greece another a��120bn

A second rescue package for Greece has been agreed, which is understood to be in the region of a��120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown […]

June 24, 2011 More
Greek PM survives confidence vote

Greek PM survives confidence vote

Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreoua��s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of […]

June 22, 2011 More
Greek PM faces confidence vote

Greek PM faces confidence vote

Later today, Greecea��s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. […]

June 21, 2011 More
European stocks down on Greece loan decision

European stocks down on Greece loan decision

Euro zone finance ministers have failed to reach an agreement on Greecea��s next loan instalment of a��12 billion, which has sent European stocks down a�� with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greecea��s a��110 billion loan until the country introduces further austerity measures. […]

June 20, 2011 More
Greek yields up on Wolfgang Schaeuble comments

Greek yields up on Wolfgang Schaeuble comments

Germanya��s Finance Minister, Wolfgang Schaeuble, has said Greece is at a�?riska�? of default if funds are not provided soon. In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”. “A return by Greece to […]

June 8, 2011 More
Budget 2011: Osborne to target growth

Budget 2011: Osborne to target growth

Chancellor George Osborne will deliver his Budget speech today at 1230 GMT, which will be aimed at boosting growth amid the fragile recovery. Mr Osborne is describing it as a “budget for growth” despite the tough austerity measures which threaten to push Britain back into recession, according to some economists. However, many believe the Chancellor […]

March 23, 2011 More
Moodya��s cut Portugal sovereign debt rating

Moodya��s cut Portugal sovereign debt rating

Portugal has had its sovereign debt rating downgraded by Moodya��s by two notches to A3 from A1 and kept the rating on a negative outlook – suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal […]

March 16, 2011 More
Moody’s slash Greecea��s credit rating further

Moody’s slash Greecea��s credit rating further

March 7, 2011 More
IFS: Higher tax rate to hit 750,000 more people

IFS: Higher tax rate to hit 750,000 more people

Respected think tank, the Institute for Fiscal Studies (IFS), has today revealed three quarters of a million people will become higher rate taxpayers from April. The earnings threshold will be lowered to A?35,001 from A?37,400 on 5 April – with the IFS estimating that the average household will be A?200 worse off. The study from […]

January 31, 2011 More
Spanish unemployment rate back above 20%

Spanish unemployment rate back above 20%

The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. […]

January 28, 2011 More
Think tank predicts rising jobless levels

Think tank predicts rising jobless levels

Think tank, the Institute of Public Policy Research (IPPR), has warned that a�?unemployment will reach new highs for this economic downturn.a�? Its gloomy assessment comes as the Office for National Statistics (ONS) today revealed UK unemployment rose in the three months to November. The ONS said unemployment grew by 49,000 in the three month period […]

January 19, 2011 More
UK unemployment rate remains unchanged at 7.9%

UK unemployment rate remains unchanged at 7.9%

The Office for National Statistics (ONS) has today revealed UK unemployment rose in the three months to November. The ONS said unemployment grew by 49,000 in the three month period to 2.498 million. The latest figures means the unemployment rate is unchanged from last month at 7.9% – in line with forecasts. In the meantime, […]

REC survey reveals demand for new staff is strong

REC survey reveals demand for new staff is strong

A report by the Recruitment and Employment Confederation (REC) and KPMG has revealed employment for both temporary and permanent workers rose during December. The survey of 400 recruitment consultancies showed permanent staff vacancies rising at their fastest level in four months, while demand for temporary staff saw its biggest rise in six months. However, the […]

January 12, 2011 More
Moody’s warns Spanish rating may be cut

Moody’s warns Spanish rating may be cut

Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe […]

December 15, 2010 More